http://www.texasbankruptcylawyer.com/fair_debt_collection/new-regulations-concerning-payday-loans/ Just another WordPress weblog Thu, 28 Jul 2011 15:42:15 -0500 http://wordpress.org/?v=2.8 hourly 1 http://www.texasbankruptcylawyer.com/fair_debt_collection/new-regulations-concerning-payday-loans/comment-page-1/#comment-2 Fred Cash Thu, 11 Jun 2009 16:53:31 +0000 http://www.texasbankruptcylawyer.com/?p=16#comment-2 It's good to see lawmakers standing up for people and trying to do what's right. However, they have to tread carefully here because although it sounds like a good idea, it might actually hurt the state and people in it more than help them. The reason is that Texas is a large consumer of short term loans, which means that they people in the state are demanding them and increasing the supply. If they regulate this industry to the point where the lenders are not making a good profit, they will leave or close. What will that do to the many people that are needing these loans to make bills, buy food, do emergency repairs, and more? They will end up not paying bills, not spending money, which will slow the state's economy even more, not to mention that it will put more people out of work and possibly further the need for these loans. I'm not saying that there shouldn't be some regulation, as there should be, but they have to be careful here and not over do it in the name of justice and trying to knock a company for making a profit. It’s good to see lawmakers standing up for people and trying to do what’s right. However, they have to tread carefully here because although it sounds like a good idea, it might actually hurt the state and people in it more than help them. The reason is that Texas is a large consumer of short term loans, which means that they people in the state are demanding them and increasing the supply. If they regulate this industry to the point where the lenders are not making a good profit, they will leave or close. What will that do to the many people that are needing these loans to make bills, buy food, do emergency repairs, and more? They will end up not paying bills, not spending money, which will slow the state’s economy even more, not to mention that it will put more people out of work and possibly further the need for these loans. I’m not saying that there shouldn’t be some regulation, as there should be, but they have to be careful here and not over do it in the name of justice and trying to knock a company for making a profit.

]]>